Rebel Economics with Dr. Steve Keen

• You’re an IDIOT if you think of economy like this: Top Economist

  Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the proprietary economic visualization software used in this video — as a bonus if you’re accepted and join.)Top Economist Steve Keen challenges reasoning by analogy and shows how to analyze the economy from first principles — the way engineers and physicists think. Using double-entry bookkeeping and live Ravel demos, Steve dismantles textbook models like loanable funds, exposes why supply-and-demand curves don’t describe money creation, and builds a dynamic macro model from definitions, not assumptions.In this eye-opening breakdown, you’ll discover:✅ First principles vs analogy: why the engineer’s method beats classroom shortcuts✅ Why the claim that countries are like households is a false analogy for deficits and debt✅ The monetary system’s real foundations: double-entry bookkeeping, not supply and demand curves✅ Ravel demo: taxation, reserves, and sectoral balances explained step by step✅ Why a government surplus equals a private sector deficit, and why that matters✅ A macro model from strict definitions: employment, wage share, private debt, deficit✅ Credit’s central role in cycles, and its tight link with unemployment✅ Why energy belongs inside production functions, grounded in thermodynamics✅ How ideology keeps bad models alive, and how to replace themKey insights:• Engineer it, don’t analogize it: start from accounting identities and conservation laws.• Sectoral balances: public saving, a surplus, reduces private net financial assets by the same amount.• Money creation: banks do not use supply and demand curves; they use double-entry to create deposits when they lend.• Dynamics over equilibrium: definitional dynamics generate cycles; equilibrium is a convenience fantasy.• Credit drives cycles: credit and unemployment move in opposite directions.• Energy is fundamental: changes in energy use track changes in global output remarkably closely.New Book: Money and Macroeconomics from First Principles — for Elon Musk and Other EngineersBuilt for engineers, quants, and practical thinkers who want accounting-consistent, physics-aware economics. Kindle available now; print coming soon.Want to learn 50 years of real economics in 7 weeks?Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.comBonus: Ravel access is included for accepted students who join.What did you think of the sectoral-balances demo and the household vs country analogy? Tell us below.Subscribe for reality-based economicsLike if first-principles reasoning clarified deficits, money, and creditShare to help others break free from bad analogies-------Who is Dr. Steve Keen?Dr. Steve Keen is a globally recognized economist who replaces textbook abstractions with accounting-consistent and data-driven models. Creator of the Minsky and Ravel software tools, Steve’s work shows how bank money, private debt, and energy shape real-world cycles. If you think like an engineer or physicist and want operational clarity over ideology, this channel is for you.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel — the software used in this video — as a bonus if you’re accepted and join.)#FirstPrinciples #SteveKeen #Ravel #SectoralBalances #MoneyCreation #DoubleEntry #Macroeconomics #Deficit #CreditCycles #EnergyEconomics

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• “Neoclassicals proven wrong on money supply" Top Economist

  Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™—the economic visualization tool used in this video—as a bonus if you’re accepted & join.)Top Economist Steve Keen dismantles the textbook “Money Multiplier” myth and shows—step by step—how banks actually create money using double-entry accounting. With evidence from the Bank of England (2014) and the Bundesbank (2017), Steve explains why mainstream models mislead students and policy makers, and demonstrates the real mechanics in Ravel.In this eye-opening analysis, you’ll discover:✅ What the Money Multiplier claims—and why it fails basic accounting✅ How the Bank of England & Bundesbank debunked the textbook story✅ A live Ravel demo: banks buying bonds vs. “lending from reserves”✅ Why “loans in cash” is a 19th-century artifact, not modern banking✅ How banks actually create deposits at the moment of lending✅ Why ideology (not logic) keeps bad models in the curriculum✅ The Bernanke–Friedman Great Depression narrative—and what it ignoresKEY INSIGHTS:• Double-entry accounting test: assets − liabilities = equity must balance on every row—textbook Money Multiplier operations don’t.• “Lending from reserves” breaks the books unless loans are paid entirely in cash—contrary to modern practice.• Real-world banking: banks simultaneously mark up loans (asset) and deposits (liability). That’s how new money enters the system.• Ignoring bank money creation leads economists to blame the state and miss private-credit cycles.This isn’t theory vs. theory—it’s accounting vs. error. If you care about how money really enters the economy, you need the operational picture, not a classroom fable.🎓 Want to learn 50 years of real economics in 7 weeks?Apply to Steve’s Seven-Week Rebel Economist Challenge: https://stevekeen.com💻 Bonus: Ravel™ access is included for accepted students who join.💬 What did you think of the Ravel demo and the accounting checks? Share your take in the comments!🔔 SUBSCRIBE for more reality-based economics👍 LIKE if this clarified how banks actually create money📤 SHARE to help others move beyond textbook mythsConnect with Steve Keen:Website: https://stevekeen.com--Who is Dr. Steve Keen?Dr. Steve Keen is a leading economist known for challenging textbook myths with empirically grounded, accounting-consistent models of money and debt. A PhD economist and creator of the Minsky and Ravel tools, Steve has spent decades showing why private credit dynamics drive booms and busts—and why ignoring bank money creation leads policy astray. His work is essential for engineers, finance professionals, and technologists who want operational clarity rather than abstractions.Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™—the software used in this video—as a bonus if you’re accepted & join.)#MoneyMultiplier #MoneyCreation #BankOfEngland #Bundesbank #DoubleEntry #Economics #SteveKeen #Ravel #Macroeconomics #BankingSystem

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• Gary’s Economics is wrong on Income: Top Economist warns

  Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™ - my proprietary economic visualization software I used in the videos - as a free bonus, if you get accepted & join.)Top Economist Steve Keen reacts to Gary Stevenson’s viral “tax the rich” budget model—and shows where it breaks. The real blind spot? Treating government like a household and ignoring how banks, gilts, and central-bank reserves actually work. This isn’t just about taxes—it’s about the plumbing of money.In this explosive breakdown, you’ll discover:✅ Where Gary’s spreadsheet goes wrong (government ≠ household)✅ How gilt auctions & bank reserves really fund deficits✅ Why government spending creates money (and when debt stabilizes)✅ Why “tax the rich” matters—but banks must be in the model✅ How austerity drains the poor’s deposits and backfires✅ Ravel simulations: debt ratio & interest payments can plateauKEY INSIGHTS:• Primary buyers of new government bonds are banks/CB-account holders, not “the rich.”• Deficits add net financial assets to the private sector; austerity removes them.• Taxing the rich helps distribution—but ignoring banking mechanics creates false “debt doom.”• With realistic flows, debt-to-GDP and interest can stabilize rather than explode.• Policy focus: tax the wealthy, fix banking incentives, fund real services (NHS, schools, transport).🎓 Want to learn 50 years of real economics in 7 weeks?Join Steve’s Seven Week Rebel Economist Challenge: https://stevekeen.com📚 Get Steve’s “Funny Money” book FREE when you apply for the course💬 Do you agree with Steve’s critique of Gary’s model? Tell us why in the comments.🔔 SUBSCRIBE for more reality-based economics from the Top Economist who warned about 2008👍 LIKE if this clarified how government finance actually works📤 SHARE to help others understand taxes, banks, and deficits--Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.---Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™ - my proprietary economic visualization software I used in the videos - as a free bonus, if you get accepted & join.)#HousingBubble #TrumpHousingEmergency #RealEstate #Economics #HousingCrisis #PropertyPrices #BankingSystem

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• Mainstream & textbooks are telling a lie: Top Economist warns

  Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™ - my proprietary economic visualization software I used in the videos - as a free bonus, if you get accepted & join.)This video challenges the textbook story that “zero interest rates boost spending” and that banks simply lend out savings. Using side-by-side simulations built in my Ravel software, I compare the loanable-funds model taught in most economics degrees with a monetary, double-entry view of how banks actually create money. You’ll see why the first model produces a debt/GDP crisis even with small deficits—while the real-world accounting model delivers rising GDP, stable interest burdens, and deposits that grow with government deficits. We also reference the Bank of England’s 2014 bulletin on money creation and explain why popular “America will go bankrupt” takes rest on a faulty framework.If you’ve ever been told government deficits “crowd out” investment, this breakdown shows what the textbooks miss: where money and debt originate, how central bank and treasury accounts interact, and why deficits add net financial assets to the private sector. Watch to the end for a clear, step-by-step walkthrough, then tell us which model matches reality in your view. If you value grounded, model-driven macro (without the myths), hit subscribe and share this with someone who still believes in loanable funds.--Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.---Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™ - my proprietary economic visualization software I used in the videos - as a free bonus, if you get accepted & join.)

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• Ray Dalio: US Economy is near collapse | Top Economist Reacts

  Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™ - my proprietary economic visualization software I used in the videos - as a free bonus, if you get accepted & join.)In this video, I break down key arguments surrounding the economic ideas raised, highlighting where my analysis aligns closely with Ray Dalio’s perspective. While we agree on most areas, there’s one important difference—how we view the role of government debt in today’s economic challenges.In the meantime, if you’d like to dive deeper into my work, you can grab a copy of my cartoon book Funny Money at stevekeenfree.com. It’s a lighthearted take on a serious issue—the chaos that money can create over time. You can also check out my online course, where I teach my unique approach to economics and how it connects with the ideas discussed here.--Who is Dr. Steve Keen?Dr. Steve Keen is an influential economist who has dedicated over 50 years to challenging mainstream economic theories. Since his days as a university student, he has been engaged in a David vs. Goliath battle against conventional economic models. Holding a Ph.D. in economics, Dr. Keen is well-known for his critical analysis and advocacy for more realistic economic approaches. His work emphasizes the importance of accounting for financial instability and incorporates elements of complex systems theory. Engineers, finance professionals, and IT experts will appreciate his methodical breakdown of economic phenomena and his development of the Minsky software, which models financial crises. Dr. Keen's contributions are crucial for anyone seeking a deeper understanding of how economic systems can impact technological and financial environments. His teachings offer valuable insights into the economic forces shaping our world. By following his analysis, professionals can gain a better grasp of economic dynamics that influence their fields.---Learn 50+ Years of Economics in Only 7 Weeks, by applying here: https://www.stevekeen.com(Plus get Ravel™ - my proprietary economic visualization software I used in the videos - as a free bonus, if you get accepted & join.)

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